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Stocks that were in focus included names like Route Mobile which rallied more than 8 per cent, Timken India which was up nearly 4 per cent, and Ambuja Cements which closed with gains of over a per cent on Monday.
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The stock, which opened at 73, fell as much as 12% from the day's high before closing at 65.85. About 117 million shares were traded on Monday compared to an average of 43 million shares traded in the previous 10 trading sessions. On Friday, Zomato's board approved the acquisition of Blinkit (formerly Grofers) for 4,447 crore (about $570 million) in an all-stock deal.
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The BSE Realty index is down 31% from its 52-week high of 4,464.31 of November 9, 2021 as against the Sensex's decline of 12% in this period. The Sensex is down 14.6% from its 52-week high of 62,245.53 hit on October 19, 2021. Analysts said investors might be tempted to pick up beaten-down stocks in the sector but with liquidity tightening, fewer shares might outperform going ahead.
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The stock, with a market capitalisation of more than Rs 11,000 crore, hit a 52-week high of Rs 2,003 on 28 March 2022 on the NSE, but failed to hold on to the momentum.
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To be sure, a reversal in the rate trends could impact spending on borrowed funds. India's central bank has raised rates twice in the space of a month beginning early May to restrain inflation.
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